Business Tech Roundup: The looming TikTok ban

Here are five things that happened in the tech industry this week and how they impact your business. Were you lonely?

1 – Some marketers are undaunted by TikTok’s uncertain future. They better wake up!

This week, TikTok made headlines for its pending presence in the United States after the House of Representatives passed a bill that would ban the video hosting platform from app stores nationwide. Used by over 150 million Americans. This development caused disapproval from content creators and small business owners. Meanwhile, advertisers are yet to sound the alarm. TikTok has proven to be an incredible marketing vehicle, with nearly $4 billion spent on advertising in 2023, and current predictions suggest it will surpass that number in 2024. It is expected. Dana Busick of marketing agency CPB Group said advertising spending was up 11% year over year. “We’ve seen many clients shift their budgets from other platforms to TikTok this year due to its growing popularity,” Busick said. (Source:DIGIDAY)

Why this is important for your business:

If I were an advertiser, I’d be sounding the alarm.

The House of Representatives voted to ban TikTok. The issue is currently being taken up by the Senate, and there are reports that it will take some time because the Senate is not moving very quickly. However, President Biden is eager to sign the bill, and since this is an election year, it wouldn’t be surprising if the ban on TikTok goes into effect sometime this summer. This will take several months to roll out, but if you’re a creator or advertiser on the platform, you should have a backup plan in place. The winds aren’t blowing in TikTok’s favor, and you don’t want to rely on a platform that could disappear quickly.

2 – Fintech and e-commerce companies were the most popular cybercrime targets last year.

Security solutions company Qrator Labs has released a report showing that cyberattacks will skyrocket in 2023. Fintech and e-commerce were the most targeted of all sectors, accounting for more than half of all incidents. In addition to the “expansion of communication channels,” remote work is also cited as a factor behind the significant increase. Victor Zyamzin, global head of business development at Qrator Labs, said, “Threatening attackers are now using local traffic sources more frequently to circumvent geo-blocks and get closer to the victim’s region.” I pointed out. He stressed that strengthening cybersecurity is “critically necessary” as malicious actors emerge looking for new ways to circumvent network protections. (Source: TechRadar)

Why this is important for your business:

If you are a company involved in financial services or e-commerce, security must be a top priority. As a business owner, it’s also important to use multi-factor authentication, complex passwords, and security keys to ensure secure access to your financial systems is as tight as possible.

3 – Salesforce launches “Pro Suite” to capture more SMB market.

Salesforce announced that it has added “Pro Suite” to its Starter CRM plan for small and medium-sized businesses. As reported by VentureBeat, the company is offering his Pro Suite for $100 per user per month. In addition to basic tasks such as sales lead tracking, customer service, and email management, the Pro Suite “extends the capabilities of the Starter Suite” to automate workflows, increase lead generation, sales forecasting, and AI. Provides advanced features such as tools that utilize It also provides web messaging to respond to customer questions in real time. This latest addition is an effort to expand the small business customer base and keep pace with other CRM companies such as Zoho. (Source: VentureBeat)

Why this is important for your business:

My company sells Zoho and also has Salesforce, but I’m not bullish on this move. Pricing of $100 per user per month is still quite high compared to Zoho and other similar products. Salesforce has long tried to shed its stigma as a platform for large companies, but its sales efforts have often been too aggressive. I might write about this separately, but my advice to Salesforce is that if a company wants to pursue small business, it needs to create its own CRM for small business and rebrand it. is.

4 – The $50 charging accessory this journalist never leaves home without (and how it works).

Writer Jack Wallen shares a handy solution for keeping your devices charged on the go and at home. The Baseus 10-in-1 charging station is Warren’s choice for both size and price. For $50, it includes a surge protector, laptop, and cell phone charger. The perfect size for travel, available in 35W, 65W, or 100W. He uses his 35W, which he declares is “more than enough.” Other great features include the number of ports (6), the digital display that shows the charge level, and the fast charging time (his iPad can be fully charged in 30 minutes). According to Warren, the power regulation table is one of the features he says you should take the time to use, especially if you’re charging multiple devices at the same time. (Source: ZDNet)

Why this is important for your business:

I buy this because I travel frequently!

5 – Europe approves world’s first comprehensive AI law.

Reposting a BBC News article, the European Parliament has drafted a bill to ungovern AI that outlines parameters to prevent the unrestricted application of technologies that could “harm society”. The Artificial Intelligence Act aims to regulate the use of AI. Restrictions will be imposed depending on the degree of risk. Examples of high-risk scenarios include infrastructure, law enforcement, and elections, but people are already wary because deepfake material is already out there. “The EU AI law is the first and only in the world to outline binding requirements to mitigate AI risks,” said Enza Iannopollo, principal analyst at Massachusetts-based research firm Forrester. says Mr. The law includes provisions regarding chatbots and other generative AI. Those involved in promoting the law hope it will encourage other countries to follow suit and create clearly defined provisions based on scope. “The adoption of the AI ​​Act marks the beginning of a new AI era,” Iannopolo said. (Source: Yahoo Tech)

Why this is important for your business:

Given the dire risks of AI, this is a step in the right direction. But how do you enforce it?